How do I set a budget?

How businesses set and follow budgets is obviously very important. Setting a budget can actually be easier than you think. You need to look at the past three years within your business and ask yourself: how did the business do in terms of revenue and expenditure? Look at trends within your business. What regular payments you are making at certain times of the year e.g. insurance or subscriptions. From there, work out the standard flow of income and expenses within your business.

Putting this information ‘down on paper’ is the key as then you can easily see what has happened at any given time. To make this process easier, I suggest tracking this information in an Excel spreadsheet.

I offer a set of Excel templates for use in your business. One of these templates will simplify the process and make it easier for you to set and work with a budget.